Income Tax Slabs for FY 2012-2013 (Assessment Year 2013-14)

Income tax slabs applicable for financial year 2012-2013 are as follows. Assessment year for income tax return filing is 2013-14

For General tax payers Income tax slabs

Yearly Income

Tax Rate

Rs. 0 to 2,00,000

0 %

Rs. 2,00,001 to 5,00,000

10%

Rs. 5,00,001 to 10,00,000

20%

Above Rs. 10,00,000

30%

For Women Income tax slabs

Yearly Income

Tax Rate

Rs. 0 to 2,00,000

0 %

Rs. 2,00,001 to 5,00,000

10%

Rs. 5,00,001 to 10,00,000

20%

Above Rs. 10,00,000

30%

For Senior citizen (60 – 80 years) Income tax slabs

Yearly Income

Tax Rate

Rs. 0 to 2,50,000

0 %

Rs. 2,50,001 to 5,00,000

10%

Rs. 5,00,001 to 10,00,000

20%

Above Rs. 10,00,000

30%

For Very Senior citizen (Above 80 years) Income tax slabs

Yearly Income

Tax Rate

Rs. 0 to 5,00,000

0 %

Rs. 5,00,001 to 10,00,000

20%

Above Rs. 10,00,000

30%

So, with this years budget Pranab da has not done anything radical. Just a little tweaks here and there. Now no-tax limit has been increased from 1.8 lakhs to 2 lakhs for Men. Which equated them to the fairer sex. So with no change in initial no tax limit for women, Finance Ministry doesn’t seek any tax for first 2 lakh of income.

Further 20% tax bracket has been increased from 8 Lakhs to 10 Lakhs for each individual tax paying group. This effectively gives 20,000 more in hands of tax payers with income more than 10 Lakhs.

Overall, there is nothing much in this year’s budget from income tax perspective. People can be happy with a little bit extra money in hand but it will be taken away in form of service tax increase and inflation.